Home ownership vs Leaseholds vs Freeholds vs Renting?

[Tropicana]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">yeah that is similar to what I learned on the show I was watching


BOAL @ feudal hold, unnu si mi dying trial </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">the jamaican land ownership rules are much the same... Ultimately the Crown owns all the land/ mineral rights.... But you have rights to your land.. There are a number of limits as to what you can do with your land...

But there are three types of ownership.. Freehold, Lease Hold and Fuedal hold...

Freehold is in perpetutity, lease hold is for a fixed perion and you pay rent to the nominal owner...Fuedal is a bit in between... 999 yeaars leasehold with no grown rent.. </div></div>
More details about the 4 options Wahalla or others please.

So, am I confused? I thought the development in Ontario was for 99 years but you're saying it's probably 999 years under the British system so it's probably the same. Can people move the houses that are built on the leaseholds to another property? I have certainly heard of people moving houses in Jamaica. In Markham Village in Ontario, a lot of century plus houses have been moved to that area and they have been renovated inside. So, the exterior is traditional and the interior is modern.

Renting we understand, owning we understand (own land and house), leaseholds are for 999 years (own house but not land), and freeholds have no limit (own house but no land with no time limit). Is that correct? So if it's 999 years how does one track the current owner of the land? Can the owner of the land get rid of the leaseholder or freeholder? What is the benefit of a leasehold or freehold vs renting or owning?

[Tropicana]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

This is the development in Ontario I posted about.

I've moved it to this thread. The advantage I was told by the developers is that it makes home &quot;ownership&quot; MUCH more affordable. You own the house but not the land apparently:

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">


anyway can somebody bruk dung the house buying process in england fi mi, the little that I know is from HGTV and house hunters international. that's how i learned about &quot;estate&quot; and other terms

ok 1 episode pointed out the difference in buying a house and the land under it vs. buying the house but not the land under it would be leased fi like 100 years (wah dat name leasehold)

why would someone choose to purchase a house on land that does not belong to the buyer of the house ? dat nuh mek nuh sense

dat seem like leftover from feudal days </div></div>

Apparently this is more prevalent in the UK and Europe than it is in North America. There is one development in Ontario that operates like this. It's by a part of Lake Ontario that is as blue-green as the Caribbean on some days.

Wilmot Creek

It makes home ownership more affordable, however, you own the home but lease the land for 99 years or something like that if I remember correctly. I wonder if that means you can eventually move the house to another property. Does anybody know?

I used to pass there on the train sometimes. The colour of the water always reminded me of back home. So, one time when I was driving, I stopped in there. I was curious. It turns out it is am active lifestlye community for retirees. The homes can be sold and willed to an heir.

Children aren't allowed to live there though. I told my folks about it but my dad (God rest his soul ) wasn't interested as he felt a community without a mixture of age groups would be unnatural. The homes are actually very nice:

[R00TS]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

We also live in a beach set up like that Tropicana.
We own the house but not the land. No lease but yrly dues for beach and clubhouse upkeep.
There are some families but mostly summer people come for weekends nd holidays.
We have about a half acre for a private yard.

[Wahalla]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

in oz there is also the ownership by &quot;the traditional owners&quot;... this does not negate the ownership of land but does give limit some rights giving this group certain rights of veto.. ... ultimately there are limits to all forms of land ownership....

[Gen]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

I would say that in the true sense of the word &quot;ownership&quot;, either one owns the land outright or they don't. I am not in favor of any other type of ownership. Other than the nonsense known as &quot;eminent domain&quot; that some governments like to pull, if you buy yuh land then yuh own it. If I cannot own it and all rights to it, I don't want it.


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">in oz there is also the ownership by &quot;the traditional owners&quot;... this does not negate the ownership of land but does give limit some rights giving this group certain rights of veto.. ... ultimately there are limits to all forms of land ownership.... </div></div>

[kia027]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">I would say that in the true sense of the word &quot;ownership&quot;, either one owns the land outright or they don't. I am not in favor of any other type of ownership. Other than the nonsense known as &quot;eminent domain&quot; that some governments like to pull, if you buy yuh land then yuh own it. If I cannot own it and all rights to it, I don't want it.


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">in oz there is also the ownership by &quot;the traditional owners&quot;... this does not negate the ownership of land but does give limit some rights giving this group certain rights of veto.. ... ultimately there are limits to all forms of land ownership.... </div></div>


</div></div>

That would mean you would not buy property in the hawaiian islands then because unless you are x% hawaiian, you will only be able to get a leasehold for the land

[Wahalla]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

in Jamaica there are I beleive rights over all land to the &quot;crown&quot; or goverment it is in written into the Jamaican constitution. This was the reason why there is such a fuss over the cockpit country... In the UK / Jamaica the goverment and local authorities have the right to cumpulsory purchase your land. Land ownership can never be absolute for very good reasons.. for instance water rights, mineral rights depending on what depth, even the rights of the air above your land, Think of this if you had absolute rights you can re direct water flow, charge companies for radio and telephonic waves... prevent goverments from maintaining both roads and utilities.. you could bury toxic wwaste or nulcear waste in your garden. these issues may seem absurded and are in extremis but imagine something as simple as you owning land in a hosuing development and someone setting up a chicken farm or pig farm next door ?????

In Oz the tradtional owners want hte right to access land for ceromonial purposes and they want the right to have a say in land use.....

My house in scotland is Fuedal holding.. this means I have to go fight for the local liard... Not too onerous... I have fought for money and over land before...

[diabolical_Tanya]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

Here in Alberta the crown owns the rights to all minerals and dem tings below a certain depth. That's why the Province have so much $$ because they get a percentage of the all the oil an gas that come out of the ground.

[Gen]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

i think we can all agree that the mineral rights and so on kinda outside the scope of what we a chat bout.


mi a talk bout the so so dege dege land weh the house deh pan. although I think in the US if someone finds any mineral on their land it is pretty much theirs

yuh buy the house and the land come wid it and it nuh subject to nuh leasehold ting .

suh in the UK do you guys have to pay property taxes too ?

[diabolical_Tanya]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

Okay

I know of a few condo places here in Calgary that are built on leased land. It's a 99 year lease.

[Tropicana]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

Really. Ok so maybe the one in Ontario WAS 99 years. The houses look nice don't they. What happens at the end of 99 years. Do the houses have to be moved or demolished. Still waiting for info. on how they track the ownership of the ones with 999 years.

[Tropicana]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">in Jamaica there are I beleive rights over all land to the &quot;crown&quot; or goverment it is in written into the Jamaican constitution. This was the reason why there is such a fuss over the cockpit country... In the UK / Jamaica the goverment and local authorities have the right to cumpulsory purchase your land. Land ownership can never be absolute for very good reasons.. for instance water rights, mineral rights depending on what depth, even the rights of the air above your land, Think of this if you had absolute rights you can re direct water flow, charge companies for radio and telephonic waves... prevent goverments from maintaining both roads and utilities.. you could bury toxic wwaste or nulcear waste in your garden. these issues may seem absurded and are in extremis but imagine something as simple as you owning land in a hosuing development and someone setting up a chicken farm or pig farm next door ?????

In Oz the tradtional owners want hte right to access land for ceromonial purposes and they want the right to have a say in land use.....

My house in scotland is Fuedal holding.. this means I have to go fight for the local liard... Not too onerous... I have fought for money and over land before... </div></div>

Well definitely in Canada land can be expropriated by the Government. Example, when they want to put in a subway system, they expropriate all the land and property that it is in it's path. They do pay the owners but it is for a fraction of what they would get by selling the property on the open market. Same thing happened when they put in the Suez and Panama Canals. So you're right, land ownership is never absolute.

[Dyoll_73]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">I would say that in the true sense of the word &quot;ownership&quot;, either one owns the land outright or they don't. I am not in favor of any other type of ownership. Other than the nonsense known as <span style="font-weight: bold">&quot;<span style="font-size: 14pt">eminent domain</span>&quot;</span> that some governments like to pull, if you buy yuh land then yuh own it. If I cannot own it and all rights to it, I don't want it.</div></div>

Without <span style="font-style: italic">eminent domain</span>, there could be cases where public roads, bridges, public hospitals, schools - and other infrastructure which serve the public good - could not be built, if private land ownership was deemed absolute and could not be infringed upon. The important consideration is fair compensation when such land is '<span style="font-style: italic">taken</span>.'

[neutral]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

Dem likkle house deh pretty eehn.

[jah_yout]

Re: Home ownership vs Leaseholds vs Freeholds vs Renting?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">in Jamaica there are I beleive rights over all land to the &quot;<span style="font-weight: bold">crown</span>&quot; </div></div>

all hail the queen!